{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{3}{c}}
\toprule
                &\multicolumn{1}{c}{\shortstack{Follow\\news\\(follow-up)}}&\multicolumn{1}{c}{\shortstack{Updating\\recession\\expectations (a)}}&\multicolumn{1}{c}{\shortstack{Updating\\recession\\expectations (b)}}\\\cmidrule(lr){2-2}\cmidrule(lr){3-3}\cmidrule(lr){4-4}
                &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}\\
\midrule
                &         &         &         \\
{\bf Panel A: Effect of}&         &         &         \\
{\bf recession expectations (OLS)}&         &         &         \\
Posterior: Recession&    0.003&         &         \\
                &  (0.002)&         &         \\
                &         &         &         \\
\hline          &         &         &         \\
{\bf Panel B: Effect of}&         &         &         \\
{\bf recession expectations (IV)}&         &         &         \\
Posterior: Recession&    0.003&         &         \\
                &  (0.007)&         &         \\
                &         &         &         \\
Observations    &      732&         &         \\
                &         &         &         \\
First stage F-stat&    56.30&         &         \\
                &         &         &         \\
\hline          &         &         &         \\
{\bf Panel C: Effect of}&         &         &         \\
{\bf news consumption (OLS)}&         &         &         \\
                &         &         &         \\
Follow news     &         &    0.521&   -0.980\\
(follow-up)     &         &  (1.048)&  (0.886)\\
                &         &         &         \\
Observations    &         &      736&      736\\
\bottomrule
\end{tabular}
}
